Offset Savings Account Terms and Conditions

Transcription

1 Offset Savings Account Terms and Conditions Including Declaration and Useful Information Effective 14 May 2015

2 What s in this booklet Declaration 3 Offset Savings Account - Terms and Conditions 5 Definitions and interpretation 5 Who can invest in an Offset Savings Account 6 How an Offset Savings Account works 6 Applying for and opening your account 6 Making payments into your account 7 Making withdrawals from your account 7 Account operation and security 10 Statements 11 Interest 11 Joint accounts 11 Amending account details 12 CashLink Cards 12 Liability and unauthorised transactions 12 Authorising others to operate your accounts 14 Changes to terms and conditions 14 Miscellaneous 15 Charges 15 CashLink Regulations 16 Definitions 16 The Card 17 Withdrawals from or debits to the account 17 Care of Card and PIN 18 Lost or stolen Card 18 Deposits 18 Joint accounts 18 General 19 Useful Information 20 As a member, it s your building society 20 Financial Services Compensation Scheme 20 How we communicate with you 21 Paying into your account 21 Withdrawing from your account 21 Exchange rates 22 Authorising payments 23 Charges 23 Looking after your cards and PINs 24 Staying safe and secure online 24 Protecting your identity 25 Joint accounts 25 The Central Clearing Cycle 26 Certainty of fate 26 Making deposits into your account 27 Making withdrawals from your account 28 Handling cheques 30 If you are not happy with our service 30 Using your cards abroad 30 Personal information about you 31 Our right to set-off account money against money you owe us 31 Changes to your personal details 31

3 Declaration Each applicant for an Offset Savings Account agrees to be bound by the Offset Savings Account Terms and Conditions, the two part Declaration (including that relating to the Charitable Assignment Scheme) and the Coventry CashLink Regulations (from time to time in force). Part One - Charitable Assignment Scheme If you were a shareholding member or a borrowing member of the Society on 2nd November 1998 and have continued to be a member (of either type) ever since that date, the following wording does not apply to you; in that case, please go to part two of the Declaration. All other applicants should read on. I understand and agree that: By applying to open an account on or after 3rd November 1998, I agree with the Society and Coventry Building Society Charitable Foundation ( the Foundation ) that I will assign to the Foundation (or to any charity(ies) nominated by it, but to no other person) the rights to any relevant conversion benefits (defined below). This obligation will not apply to me if I fall within any class of persons which, as at today s date, the Society wishes to be excluded from such obligation. My agreement is irrevocable and authorises the Society to make over to the Foundation (or to any charity(ies) nominated by it) any such benefits without further notice to me. I understand that neither the Society nor the Foundation will release me from this agreement or vary its terms. I also understand that the Society will require (on behalf of itself and the Foundation) that all applicants for share accounts who are not members of the Society will agree to the above condition (or a condition having substantially the same effect) except that the requirement will not apply to any applicants falling within any class of persons where, at the time of the applicants becoming shareholding members, the Society considers this to be inappropriate. The Society will not impose that requirement on applicants if the Society decides and announces by press release that it is no longer in the best interests of the Society to do so generally on a continuing basis. Any such decision by the Society would not have a retrospective effect and I would continue to be bound by the above condition. For this purpose relevant conversion benefits means any conversion benefits which I might become entitled to receive as a shareholding member of or depositor with the Society at any time within the five years immediately following the date on which my account is opened (or within such shorter period as the Society today considers appropriate having regard to any particular class of person within which I may fall); conversion benefits means any benefits under the terms of any future transfer of the Society s business to a company (i.e. on conversion or takeover) except the statutory right to have shares in the Society (including any balances on share accounts) converted into deposits with the company; and, if the Society merges with any other society, after the date of such merger Society includes such other society. 3

4 I authorise the Society to pass to the Foundation such information relating to me and my accounts with the Society as the Foundation may reasonably require in connection with this agreement to assign. A list of the classes of persons which the Society currently wishes to be excluded from the obligation to assign (which list may change from time to time) is available on request from the Society s Secretary at its Principal Office. Part Two Offset Savings Account I hereby declare that all investments made into this account are invested by me as sole/joint beneficial owner and that the funds invested will not be held by me as a bare trustee* for a body corporate or for persons who include a body corporate. I agree that the account is subject to the Offset Savings Account Terms and Conditions (which are detailed in this booklet and which I have read) and the Rules of the Society. I understand that: (a) to enable the Society to open and administer the account and provide me with services associated with the account, and for other related purposes, including arrangement and administration of products regulated under the Financial Services and Markets Act 2000 (or any alteration to, replacement for or re-enactment of it) provided by third parties, updating or enhancing existing customer records, analysis for management purposes and statutory returns, crime prevention and legal and regulatory compliance, or those notified to the Information Commissioner under the Data Protection Act 1998, the Society may obtain, use, process and disclose personal data about me. The Society may also transfer the personal data to any country, including countries outside the European Economic Area, for any of the purposes described in this Declaration. (b) I have a right of access, under data protection legislation, to the personal data the Society holds about me on payment of a fee. (c) for the purposes of the Data Protection Act 1998, the Data Controller in relation to any personal data supplied by me is Coventry Building Society. I understand and agree that: The Society may share the information provided in my account application with fraud prevention agencies. If false or inaccurate information is provided and suspected fraud is identified, we will notify fraud prevention agencies accordingly, and law enforcement agencies in the UK and in other countries may access and use this information. The Society and other organisations may also access and use any of this information to prevent fraud and money laundering, for example when: checking details on applications for savings accounts and products or for credit and credit-related or other facilities; managing savings, credit and credit-related accounts or facilities; recovering debt; checking details on proposals and claims for all types of insurance; and checking details of job applicants and employees. The Society and other organisations in the UK or other countries may access and use the information recorded by fraud prevention agencies. *A bare trustee is someone who holds an account in their name but the funds invested are for the absolute benefit of and are at the absolute disposal of another person i.e. apart from transferring funds to that other person on request, the person(s) named on the account has no other duties in respect of these funds.

5 Please telephone us on if you want details of those credit reference and relevant fraud prevention agencies from whom we obtain and with whom we record information about you. You have a legal right to these details. The first named account holder will be the Representative Joint Shareholder in accordance with the Rules of the Society. The Representative Joint Shareholder alone will (if aged over 18) have voting rights (if any) and alone will be entitled to receive certain communications from the Society. Offset Savings Account Terms and Conditions The following Terms and Conditions numbered 1-17 (inclusive) apply to the Offset Savings Account. This account is a Payment Account. 1. Definitions and interpretation In these Terms and Conditions: 1.1 the words the Society we and us and our refer to Coventry Building Society. 1.2 the words you and your refer to account holder(s). 1.3 Online Services means the facility to: view the details of your accounts that can be accessed online, view your personal details online, carry out such transactions as we may from time to time permit on your account that can be accessed online, send secure messages to us and receive secure messages from us. 1.4 security details means any or all of the following: your password, your memorable words, your web ID, your PIN, your Grid Card, and/or any other security device we may introduce from time to time. 1.5 the clause headings do not form part of these Terms and Conditions and shall not be used in their construction or interpretation. 1.6 branch(es) means any branch or agency of the Society. 1.7 your nominated bank account means the account referred to at Condition 4.3, or which you have nominated under Condition business banking day means Monday to Friday (excluding public holidays). 5

6 1.9 unique identifier means a UK based sort code and account number working day means calendar days excluding public holidays (such as Christmas Day) Useful Information means the Useful Information supplied with these Terms and Conditions which provides you with further information on the operation of your account. 2. Who can invest in an Offset Savings Account 2.1 An Offset Savings Account can only be opened when linked to an Offset Mortgage held with us. 2.2 Only one savings account may be linked to any one Offset Mortgage and it must be an Offset Savings Account. An Offset Mortgage and its linked Offset Savings Account must be in the same names and must state those names in the same order. 3. How an Offset Savings Account works 3.1 When your Offset Savings Account is opened we will ask you to set up some security details. These security details will be used to identify you whenever you contact us (see Condition 7 below). 3.2 Transactions on or amendments to your account can be made at a branch, by post, by phone or online subject to appropriate security checks. 3.3 We shall send correspondence to you about your Offset Savings Account to the same address as for your Offset Mortgage. 3.4 You may be eligible for a Further Advance at a later date, subject to satisfying our lending criteria. This Further Advance may or may not attract a savings benefit depending on the product chosen. 4. Applying for and opening your account 4.1 You can only apply for an Offset Savings Account at the same time as you apply for an Offset Mortgage. 4.2 The Offset Savings Account will be opened automatically by the Society, with a nil balance, on completion of the Offset Mortgage. It is your responsibility to transfer funds into your Offset Savings Account. 4.3 The bank/building society account you have nominated on your Offset Mortgage Direct Debit Mandate will be treated as your nominated account for withdrawals by electronic payment from your Offset Savings Account. 4.4 If you are not intending to pay your Offset Mortgage by Direct Debit, you will need to contact us to give us details of your nominated bank account before you can make withdrawals by electronic payment. 4.5 Your nominated bank account and your Offset Savings Account should be in the same name(s).

7 5. Making payments into your account 5.1 You may make payments into your account: by cheque or cash at any of our branches or at an ATM where based at a branch of the Society, by cheque posted to our Central Processing Centre (you may request prepaid envelopes from us), by transfer from another account with the Society, and by electronic payment (including standing order and Faster Payment) from your bank/building society account. 5.2 Cash and electronic payments deposited into your account will be available for withdrawal immediately. There may be a delay of one working day if deposits are made at a Society ATM. 5.3 You cannot send us cash by post; any cash received by post will be returned to you without any responsibility on our part. 5.4 Cheque(s) must be made payable to the account holder(s) and must be accompanied by a paying-in slip (you may request paying-in slips from us). Please see the Useful Information section for cheque clearance information. 5.5 No acknowledgement will be issued for any payments credited to your account. These will be shown on your statement. 5.6 A transfer of funds from another account with the Society is subject to the terms and conditions of the account from which the money is being withdrawn. 5.7 If you wish to make payments into your account by standing order you must instruct your bank/building society to make these payments. Mandate forms are available on request. 5.8 If a cheque that you have paid into your account is returned unpaid, we will take out of your account the amount we paid in for the cheque and adjust the offset benefit due to you. We will not represent cheques that are unpaid. 5.9 We can, acting reasonably, refuse to accept a deposit from any person without giving a reason If your account has been closed and a payment is subsequently received for credit to the closed account, the payment will be returned. 6. Making withdrawals from your account 6.1 You may make withdrawals from your account without notice and without charge: in cash from any of our branches, by cheque from any of our branches or by post from our Central Processing Centre. Cheques withdrawn from your account cannot be stopped except in the case of loss or theft, or unless we have clear evidence of fraud. Cheques withdrawn and subsequently returned for investment will qualify for offset benefit from the day of re-investment, by standing order or Direct Debit, by electronic payment to your nominated bank account, 7

8 6.1.5 by internal transfer to another account with the Society, by a one-off electronic payment to a third party for a specific amount on a specific date as instructed by you, using your CashLink Card, in cash through the LINK network of ATM machines. The Society will not make a charge for withdrawals made at LINK ATMs not owned by the Society. However, other organisations may make a charge for such withdrawals and this will be debited to your account. The minimum withdrawal that can be made at a Society ATM is 10 and you may withdraw up to a maximum of 500 in any one day, subject to a maximum of five transactions. 6.2 For future dated Direct Debits and future dated one-off electronic payments, you must have cleared funds available in your account to make the payment no later than 2.00pm on the day the payment is due to be made. For future dated standing orders, if you pay the funds in on the date the payment is due, the payment may be made the following business banking day. If you try to make a payment when you do not have funds available for it, we may refuse to make the payment and you may incur a charge. 6.3 Cheque withdrawals actioned by post will be posted to the account holder on the day the withdrawal is made, which will normally be the day of receipt of your instruction. Withdrawal instructions received on a Saturday, or other non-business banking day, will normally be processed the next business banking day. 6.4 We set daily limits as to the maximum amount that you may withdraw, transfer or otherwise pay out of your account using Online Services from our website. The daily limits will not be less than 250, and details of the current limits can be found when you are logged into Online Services or by contacting us. 6.5 You cannot request a withdrawal by fax or Once you have instructed us to make a withdrawal and we have processed your request, this instruction cannot be cancelled or amended. Please see the Useful Information section for details of when payments can be cancelled. 6.7 Withdrawals cannot be made against uncleared funds. You can normally withdraw funds from a cheque credited to your account after four business banking days. 6.8 You may transfer funds from your Offset Savings Account into another account with us. Before you can do this for the first time where the transfer is to an account on which you are not named, you must set up a payment authority by calling us on Funds transferred from your account to any other account with us will become subject to the terms and conditions of the receiving account Notwithstanding the other provisions in these terms and conditions, we can restrict at any time the amount which can be withdrawn from any account or refuse to carry out a transaction. We will only do this if: (a) we reasonably believe that there may be fraudulent activity or other financial crime affecting the account,

9 (b) we are required to do so by any law, regulation or court order, (c) there is a dispute (which we reasonably believe may be genuine) about the ownership of, or entitlement to, the money in the account, (d) circumstances beyond our reasonable control prevent us from offering a normal service (such as in the event of terrorist threat, computer systems failure or strikes), or (e) circumstances exist which lead us reasonably to believe our financial stability is under threat (such as where rumours cause actual or potential abnormal levels of cash withdrawals). In the case of (d) and (e) above: (i) we will act proportionately to the circumstances in question, (ii) we will take all reasonable steps to ensure that the restrictions are lifted as soon as practical and to minimise the inconvenience to you, (iii) we will take into account the interest of the Society s membership as a whole, (iv) we will, if practical, give advance notice, and (v) we may consider exceptions to the restrictions if we are reasonably satisfied that extreme hardship would otherwise be caused. If there is an error which causes a restriction on your account we will investigate this on your behalf. Information about any refusal and, if possible, our reasons for this refusal, along with information on how to correct any factual errors that led to the refusal can be obtained by calling us You cannot close your Offset Savings Account until you have paid off the balance owing on the Offset Mortgage Account to which the Offset Savings Account is linked When your Offset Mortgage is redeemed we will close the linked Offset Savings Account and transfer any funds in it to a suitable interest-paying account in the names of the borrowers named on the mortgage Unless we otherwise agree the account must not be overdrawn All payments into and out of your account must be in sterling Where you instruct an electronic payment out from your account the payment will be with the recipient s bank or building society no later than the end of the follow business banking day. Depending on the value and nature of the transaction and the channel of instruction, the payment may be made sooner. In some cases, we may be able to process the withdrawal as a Faster Payment, in which case the payment will normally reach the recipient s bank within two hours. Transfers between Society accounts are normally processed immediately. For details of our cut-off times and normal transaction times please see the Useful Information section Where you instruct an electronic payment out of your account on a future date, the payment will be with the recipient s bank or building society no later than the end of the business banking day following such future date Some banks and building societies may not accept electronic payments. If you cannot send your payment electronically because the receiving bank or building society cannot accept it we will tell you. Until we have received a further instruction from you that we can execute by a different method we will not make the payment. 9

10 6.18 If the recipient to whom you send electronic payments moves their bank account, your payment mandate will be updated and future payments you make will then be paid to the recipient s new account. 7. Account operation and security 7.1 You must set up appropriate security details to operate your account. You will not be able to operate your account until you have set up your security details. We may change or add to your security details at any time in order to protect you and the Society. 7.2 You can only have one set of security details at any one time. If you have a joint account you must each set up separate security details and each of you must register individually to use our Online Services. 7.3 You must do everything you can to keep your security details secret. You must not allow anyone else to know or access your security details. You must never enter your password in full on a website or provide your full password over the telephone. 7.4 You must take reasonable care to ensure that no-one hears or sees your security details when you use them. You must not write, store or record your security details (whether in an encrypted form or otherwise), in such a way that they can be identified with you, your relationship with the Society or your account(s). 7.5 You must ensure as far as is reasonably possible, that your computer equipment is protected from interference or monitoring by a third party. Please refer to the Security section of our website for further guidance. 7.6 Use of your security details with or without your knowledge authorises us to provide information about your account(s) and carry out any transaction. Please see condition 13, Liability and unauthorised transactions, for details of your liability where there is an unauthorised use of your security details. 7.7 You must inform us immediately of the following: (i) if you have forgotten your security details, (ii) if you suspect someone else knows or may know or may have had access to your security details or CashLink Card, (iii) if you suspect someone else has or may have accessed your account or used your CashLink Card without your permission. In any of these circumstances, you must contact us by calling our Customer Service Centre, by using our online Compromised Security service or by visiting a branch. 7.8 You must not deliberately disrupt access to our services or our website or do anything which may impair the functionality of our website or the services we provide. 7.9 We may withdraw or restrict your access to our telephone or Online Services for security reasons or where we believe the service is being misused. If this happens, we will let you know as soon as reasonably possible You must follow all reasonable steps we give you from time to time regarding the safe keeping and use of your security details or other matters relating to the security of your account online or on the telephone, including the details in the Useful Information section.

11 7.11 Our telephone and Online Services may only be used by persons aged 16 years or over. Our Online Services are only available to UK residents. If you access our Online Services from another country we cannot guarantee that you will be compliant with the laws of that country. 8. Statements 8.1 We will provide you with an annual investment statement. We will provide an itemised transaction statement quarterly. Statement(s) will be sent to you by post or other personal notice; alternatively, if your account is primarily operated online you will be able to look at your statement(s) online. 8.2 When your Offset Savings Account is closed, a closing statement will be issued automatically by post within one week after the closure. 9. Interest Your Offset Savings Account will not earn interest, even if the amount in it is more than the balance owing under the Offset Mortgage linked to it. A product special condition in your Offset Mortgage offer about interest applicable to your Offset Mortgage shows how the offset scheme may reduce the amount of interest payable on the balance of advances (including any applicable further advances) owing under the Offset Mortgage. 10. Joint accounts 10.1 Subject to condition 2.2, joint accounts may be opened in the joint names of not more than four account holders but no account shall be issued to the holders or be held by them at any time as tenants in common. We will accept, and you authorise us to accept, instructions to transact on the account from any of them We will treat each of you as having the right to all of the money in the account, and will not be concerned with the actual division or ownership of the money between you Should any circumstances arise whereby the Offset Savings Account becomes overdrawn you will each be responsible for the whole debt on it On proof of death of a joint account holder, we will recognise only the survivor as having ownership of or interest in the account. The same terms and conditions shall apply to the survivor. The death certificate, Grant of Probate, or Letter of Administration must be provided to us before we will amend the account In the event of a dispute on the account, you must notify us immediately by post or telephone. As soon as we receive your notification, any CashLink Cards that have been issued will be cancelled and no further debits will be permitted to the account without the written authority of all account holders. 11

12 11. Amending account details 11.1 Any change to the names in which the Offset Mortgage linked to an Offset Savings Account is held, or to the order of those names, will automatically result in a corresponding change to that Offset Savings Account We will only amend your nominated bank account details on the telephone instructions of an account holder, providing they can be satisfactorily identified by use of their security details. If you amend your nominated bank account in this way, you will not be permitted to make a withdrawal from your account to your nominated bank account for three days. We do not accept liability for payments made in circumstances where you have failed to notify us promptly of changes. 12. CashLink Cards 12.1 We will send you a CashLink Card when your account is opened Use of the CashLink Card is subject to our CashLink Regulations, which are set out on pages 16 to 19, and these Terms and Conditions (including this Condition 12). In the case of inconsistency between the Regulations and the Terms and Conditions, the Terms and Conditions will prevail You must sign the CashLink Card immediately on receipt, and the CashLink Card may only be used by you Instructions as to how you must acknowledge receipt of the CashLink Card will be enclosed with it. Your PIN (Personal Identification Number) will be advised only to you and will be issued separately from your Card and only once the Card acknowledgement has been received by the Society. Please follow the instructions issued with the PIN and destroy the notification document after you have memorised the PIN You may change your PIN to one that is easier for you to remember, at any LINK ATM The repeated use of an incorrect PIN or technical failure of an ATM may cause your CashLink Card to be retained. If this occurs you must sign a replacement Card form and a new Card will be issued to you as soon as possible. 13. Liability and unauthorised transactions 13.1 Where there are any unauthorised or incorrect transactions on your account, you must notify us as soon as possible and without delay. In the case of transactions (other than paper-based payments such as cheques or bankers drafts) any notification must be made within 13 months of the date of the transaction. If you do not notify us within this timescale you may not be entitled to a refund Where you have pre-authorised a payment from your account, you can ask us to refund the payment if: you made the payment in the European Economic Area; the authorisation you gave did not specify the exact amount to be paid;

13 the amount that has been requested was more than you could reasonably have expected to pay, based on the circumstances; and you make the refund request within eight weeks of the date when the payment was made from your account Subject to condition 13.4, if you confirm to us that a payment from your account was not authorised by you, we will immediately refund the amount deducted and return your account to the position it would have been in if the unauthorised payment had not taken place. We will have no further liability to you. We may ask you to confirm in writing that you did not authorise the transaction. If we later discover that the transaction was authorised we shall reapply the transaction, including any charges, to your account If there are reasonable grounds for thinking that you may not be entitled to a refund, we may investigate before giving you the refund. We will undertake any investigation as quickly as we can and, unless we can show that the transaction was authorised by you or that you are liable for the transaction, we will immediately refund the amount deducted and return your account to the position it would have been in had the payment not been made We will not accept liability for any loss you incur as a result of the following: you provide the incorrect unique identifier and/or the incorrect reference (where applicable) for a payment you wish to make; we do not act on a request to make a payment for any reason specified in these terms; or if we are unable to provide our normal service due to abnormal and unforeseeable circumstances outside our reasonable control (such as fire, flood, power failure, postal delay etc.) where we could not avoid breaking this agreement despite all reasonable efforts to the contrary Unless you have, intentionally or with gross negligence, failed to take any of the steps set out in these terms and the Useful Information section in respect of the use and protection of your security details, passbook, card, certificate or similar items in respect of your account your maximum liability for unauthorised transactions that occur before you report the items lost or stolen is 50. You may be liable for all losses incurred if you have acted fraudulently (even after you have notified us) and where you have been grossly negligent you may be liable for all losses before you notify us We will not be liable to you in any circumstances for loss of business, loss of goodwill, loss of profit or any loss that we could not reasonably have anticipated when you gave us an instruction under this agreement. 13

14 14. Authorising others to operate your accounts 14.1 You may authorise someone else to operate your account on your behalf by way of an unambiguous and appropriate authority e.g. a Power of Attorney. We reserve the right to assess what constitutes an appropriate authority, on the basis of all the circumstances known to us and to determine how that person may operate your account, for example we may ask them to write to us to request a withdrawal If an authorised third party operates your account they will be deemed as acting with your authority If it appears that you are incapable of managing your affairs by reason of a mental disorder or infirmity and you do not have an appropriate Lasting or Enduring Power in place, we will allow a third party to operate your account(s) on production of a suitable order or decision of the Court of Protection (or equivalent body in Northern Ireland or Scotland) In all cases where a third party is operating your account(s) on your behalf, we may require that person or persons to give us such indemnity against all claims as we think fit At our discretion and only in exceptional circumstances, we may allow withdrawals for specific purposes over a limited period to be made in favour of a third party pending the production of a formal and appropriate authority. 15. Changes to terms and conditions 15.1 We can change the terms on which your account is held as follows: We can change these terms and conditions at any time for any of the following reasons which may relate to circumstances existing at the time or those which are anticipated: (i) to respond to changes in the law or the decisions of a court or ombudsman; (ii) to meet relevant regulatory requirements; (iii) to make the terms clearer or fairer; (iv) to provide you with extra benefits or services; (v) to respond to new (or changes to) statements or codes of practice or industry guidance designed to enhance consumer protection; (vi) to rectify any mistakes; (vii) to provide for the introduction of new systems, services, changes in technology and products; (viii) to respond to changes in the costs incurred by us in providing accounts; (ix) for any other valid reason that we may reasonably consider appropriate Any changes to your terms and conditions will be made after giving you no less than two months notice by letter or or other personal notice This Condition 15 does not apply to charges which are dealt with in Condition 17 below.

15 16. Miscellaneous 16.1 We do not have to recognise the interest or claim of any person other than the account holder(s) in respect of the money held in the account nor will we be liable in any way for failing to recognise such interest or claim, except as required by law If we owe you money on an account with us and you have failed to pay any amount you owe to us, we may use the money we owe you to reduce or repay the amount you owe us. This is our right of set-off. If you have told us that money you hold on an account in your name is not yours, but is someone else s, we will not use the set-off rights we have in relation to money in that account. We can use our set-off right where you have account(s) which are only in your name as well as joint accounts Any notice or other document to be served by you on the Society may be served: (a) by leaving it, addressed to the Secretary, at the Principal Office, or (b) by sending it by post, or delivering it, to the Secretary at that Office. Any notice or other document to be served by the Society on you may be served by letter or to your last known address, or other personal notice. You will be taken to have received any notice or document sent to you by post, 48 hours after we have posted it to you The account is a share account. See the Rules of the Society and the Useful Information section for more information about the membership rights of share account holders For security purposes and to maintain a quality service, calls made to and from the Society may be monitored and recorded You must follow our security guidelines, which are detailed on our website and can be found in our Useful Information section Specific information relating to your account will be made available to you in person, by post, via or telephone. You may request a copy of the terms and conditions of your account at any time by visiting a branch or by contacting our Customer Service Centre Your contract with the Society will continue whilst your account remains open or until any outstanding balances have been paid These Terms and Conditions are governed by English law and any disputes will be dealt with by the English Courts. All communications will be in English. 17. Charges 17.1 Normal operation of your account is free of charge. Activities or additional services outside the normal account operation may incur a charge. We may introduce a reasonable charge in circumstances where there is excessive or abnormal use of a service. No charge will be made in these circumstances without prior notification. We will advise you of the current charge at the time you request an additional service. For details of our Administration Charges please refer to our website or the Useful Information section. 15

16 17.2 We may from time to time make charges in respect of our services on your account. We can change the charges we make at any time. If we introduce or increase charges relating to the day to day operation of your account, we will only do this for one of the following reasons which may relate to circumstances existing at the time or those that are anticipated: (i) to respond to changes in the costs incurred by us in providing accounts; (ii) to respond to changes in the law or the decisions of a court or ombudsman; (iii) to meet relevant regulatory requirements; (iv) to respond to new (or changes to) statements or codes of practice or industry guidance designed to enhance consumer protection; (v) for any other valid reason which we reasonably believe to be appropriate. Changes may include the abolition or alteration of existing charges or the introduction of new charges. If we introduce or change a charge relating to the day to day running of your account, we will give you no less than two months notice by letter, or other personal notice, before the change comes into effect. There may be other taxes or costs that are not paid through us or charged by us. CashLink Regulations These are the standard Coventry Building Society CashLink regulations. Please refer to Condition 12 of the Offset Savings Account Terms and Conditions for additional terms that apply to CashLink Cards issued on the Offset Savings Account. Definitions 1. In these regulations: (a) unless the context otherwise requires, words and expressions have the same meaning as those given to them by The Rules of the Society ( The Rules ) from time to time in force; (b) Card means the Coventry CashLink Card supplied by the Society from time to time issued to or selected subsequently for use by a member in a Terminal; (c) PIN means the related personal identification number from time to time issued to or selected subsequently by a member for use with the Card; (d) Terminal means an Automatic Teller Machine or Automatic Counter Terminal provided by the Society or by another organisation which has agreed with the Society to accept the Card, and at which the Card may be used; (e) Account means the account of a member with the Society in respect of which the Society has agreed that the Card may be used.

17 The Card 2. The member requests and authorises the Society to issue the Card for use by the member at a Terminal to: 2.1 withdraw cash where the LINK sign is displayed. Also if the Card has a PLUS logo on the back, where the Visa and PLUS sign are displayed; 2.2 obtain other services which may be available from time to time. 3. The Card shall remain the property of the Society and shall be returned to the Society on demand. It must be destroyed immediately after the expiry date (if applicable) or on closure of the Account. 4. The Society reserves the right to cancel any Card if it has not been used at least once within two years from the date of issue. If the Society proposes to cancel a Card under this condition, then the Society will notify the member in writing at least one month in advance. Following cancellation, and if the member so requests, the Society shall arrange to issue a replacement Card free of charge. Withdrawals from or debits to the account 5. Any withdrawals from or debit to the Account shall be treated as a valid transaction by the member, unless the Society has received notice of the loss or the theft of the member s Card or that the PIN is or might be known to any other person. Prior to such notification the member s liability is restricted to a maximum of 50 for transactions not authorised by him. The member will be held liable for all losses if he has acted fraudulently. The member may be held liable for all losses if he has acted with gross negligence. 6. The amount of cash or the value of goods and services which may be obtained in any one day by means of the use in any circumstances of the Card shall not exceed either the limit fixed by the Society from time to time or the amount of cleared funds standing to the credit of the Account, whichever is lower. The right to use the Card and PIN does not entitle the Account to be overdrawn in any circumstances whatsoever. 7. The Society may at its absolute discretion from time to time, and at any time, limit the number of occasions upon which the Card may be used to obtain cash or goods or services in any one day. 8. The Society will not make a charge for withdrawals made via LINK ATMs not owned by Coventry Building Society. However, other organisations may make a charge for such withdrawals. The charge will be automatically debited to the member s account. 9. For all other uses of the Card we will charge at such rates, if any, as may be published in our tariff from time to time. 10. Withdrawals and other debits made from your account will initially be deducted from your available balance and will be shown in the Available Funds figure. However, in accordance with Visa rules, it can take up to 30 days for this transaction to be deducted from your actual account balance. 17

18 Care of Card and PIN 11. A member shall keep secret his PIN and shall take every possible care to prevent unauthorised use of the Card and the PIN and in particular shall not: (a) disclose the PIN to any person; (b) part with the Card; (c) record the PIN in any way which might enable it to be identified with the Account or the Card. Failure to follow these provisions may result in the member being held liable for all losses. Lost or stolen Card 12. If: (a) the Card is lost or stolen, or (b) the PIN becomes known or might become known to any other person, or (c) you know or think that someone else (who is not authorised to access it) is accessing or has tried to access your Account you must immediately notify us by telephoning If you are calling us from abroad call We will also accept notice from a recognised card notification organisation. We will not provide a replacement Card until you request one by telephone or in person at any of our branches. 13. The Society may without reference to the member give the Police information about the Card if it has been reported lost or stolen and about any transaction involving its use. Deposits 14. Deposits may only be made at Terminals provided by the Society at selected branch offices of the Society and the amount deposited is subject to verification. Deposit envelopes will therefore be opened in the presence of two Society employees and the contents checked. The verified amount will then be credited to the Account. Until verification of the amount the responsibility of the Society will be for safe custody only. In the case of any difference between the verified amount in the envelope and the amount recorded by the Terminal the holder(s) of the Account will be informed within two working days by letter sent to the registered address. Joint accounts 15. No cards are allowed on an Account held in joint names where all joint holders of the Account are required to sign for withdrawals or transactions. 16. Except when Regulation 12 applies, where the Account is held in joint names: (a) the Society may on request by any joint holder of the Account who requires a Card, issue additional Cards and in that event Card includes any such Card, provided that the number of Cards issued shall not exceed whichever is the smaller amount of one per account holder or three in total;

19 (b) General any one of the joint holders of the Account shall be recognised by the Society as authorised to withdraw from or to make a transaction resulting in a debit to the Account until notice in writing to the contrary is received by the Society from one or more of the joint holders. Upon receipt of such notice use of the Card will not be permitted for the purpose of making such withdrawals or transactions, and withdrawals will then only be allowed on the signatures of all joint holders and on production of a passbook. 17. Every member having a Card and all persons claiming through or on account of such a member or under the Rules shall be bound by the Rules and Regulations ( the Regulations ) relating to Coventry CashLink in each case from time to time in force but, in case of inconsistency, the Regulations shall prevail over the Rules. 18. The right to use the Card and the PIN may be revoked or suspended without notice by the Society. If the Society exercises this right, the member will be informed immediately by letter sent to the registered address. Also the Board may repay the whole or part of the amount owing to any member at any time. 19. The Society will incur no liability in the event that the member, for whatsoever reason, is unable to use the Card at any time. 20. Any enquiry by the member concerning a transaction involving the use of the Card at a Terminal provided by another organisation which has agreed with the Society to accept the Card should be addressed to the Society. The Society may disclose to the organisation which provides that terminal any information which the Society considers necessary to resolve any question regarding the member s use or alleged use of such a Terminal. 21. The Society may amend these Regulations, at any time by giving reasonable notice (usually one month). Publication of the amendment by such means as the Society may select shall constitute notice to the member. 22. If the Card has a PLUS logo on the back, then it can be used abroad. If the member intends to use the Card abroad they will need to contact us before they travel with details of their destination(s) and dates they will be abroad. We will then activate the Card so it can be used for the duration of the visit. Failure to contact us will result in the member being unable to use the Card abroad. 23. If a transaction is made in a foreign currency, the amount of the transaction will be converted to pounds sterling on the date we take it out of the member s Account at the wholesale rate of exchange applied by Visa. In addition we may also charge for this service. We will normally deduct from the member s Account the amount of such payments and charges within 14 working days. 19

20 Useful Information This section contains standard information which applies to Coventry Building Society s Offset Savings products. As a member, it s your building society When you open your first investment share account with us you automatically become a member of the Society. Membership gives you certain rights, like voting on business matters and raising questions at our Annual General Meeting (AGM). To be entitled to vote at an AGM, on the voting date you must be age 18 years or over and have total savings balances of at least 100 (as at the previous 31 December). For joint account holders only the first named account holder can vote, subject to the same criteria set out above. As you can choose the order in which names appear on your account, it makes sense to consider this before you open your account. Every named account holder of a joint account can attend the AGM. Membership rights are fully explained in the Rules of the Society. For a copy of the Rules of the Society, please contact us. Financial Services Compensation Scheme We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors, including most individuals and small businesses, are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to 85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be 85,000 each (making a total of 170,000). The 85,000 limit relates to the combined amount in all the eligible depositor s accounts with the building society, including their share of any joint account, and not to each separate account. For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch or call us on , refer to the FSCS website or call the FSCS on Please note, only compensation related queries should be directed to the FSCS. Depositors not covered by the scheme include: Large companies, partnerships or mutual associations; Local, provincial or municipal authorities; Credit institutions or overseas financial services institutions; Operators or trustees of a collective investment scheme; Pension and retirement funds or trustees of such a fund; Supranational institutions; Government or central administrative authorities; Persons whose claim arises from transactions relating to a conviction they have received for money laundering.

21 How we communicate with you You will receive a copy of the terms and conditions for your account with your mortgage offer pack. You may request a further copy at any time. Your Offset Savings Account is a statement based account. We will send you an itemised statement of the transactions on your account quarterly. You may also request a statement at any time. Alternatively you can access an itemised statement on our website if you have registered for our Online Services. Paying into your account To make a deposit you will need to provide your account number and where appropriate your name, reference and security details. When you provide your account details to a third party, please make sure they are correct. You can pay into your account using the following methods: cash over the counter at a branch or via most branch based Coventry CashLink ATMs; cheque over the counter at a branch or via a branch based Coventry CashLink ATM, or by post; standing order; electronic payment i.e. Faster Payment, Telegraphic Transfer (CHAPS); transfer from another Coventry account. To set up a standing order from another bank or building society account, you will need to complete a standing order form available from any branch or our Customer Service Centre. You must include the following bank information to make payments into your Coventry Building Society account, including salary payments: Coventry Building Society, HSBC, Corporation Street, Coventry. Sort code: Your account number: the last 8 digits of your Coventry Building Society account number. Your account number contains 9 digits, so you must omit the FIRST digit from your account number when setting up a standing order using sort code For example becomes We can accept Telegraphic Transfers on this account. To send us a Telegraphic Transfer your bank must quote the following bank details: Sort code: Collection account number: Reference (your account number): the full 9 digits of your Coventry account number. Withdrawing from your account You can withdraw from your account using the following methods: cash over the counter at a branch or via an ATM; cheque over the counter at a branch or by post; a one off payment or a regular standing order; Direct Debit; electronic payment (Faster Payment, Telegraphic Transfer); or transfer to another Coventry account. To complete your transaction you will need to provide your account and security details, together with full bank details of the person or company you are paying i.e. name, sort code, account number and reference (if applicable). 21